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The market capitalization of cryptocurrency reached a new record high on Wednesday amid a generally bullish trading day. The price of bitcoin set the tone up, reaching nearly $ 500 to recover from the $ 7,000 threshold for the first time since the weekend correction.
The total market capitalization of cryptocurrency came into the day at $ 208 billion, and it climbed steadily throughout Tuesday night. Wednesday morning, the recovery began to grow, allowing the market capitalization to encrypt to break a new record of $ 217.1 billion.
Source: Spare Parts
The Bitcoin Prize Wins $ 7,000
The price of bitcoin shot up 7% on Wednesday, allowing it to climb nearly $ 500 in the past 24 hours. Since November 12, when the price of bitcoin has briefly collapsed to $ 5,519, the flagship cryptocurrency has recovered from about $ 1,500, bringing it closer to the high mark. waters last week, after the recall of the SegWit2x fork. The bitcoin price is now trading at a world average of $ 7,004, resulting in a market capitalization of $ 116.8 billion.
Bitcoin Price Graph | Source: CoinMarketCap
Several factors contributed to this rally, including the fact that Man Group, one of the largest hedge funds in the world, said yesterday that the launch of bitcoin futures will convince it to be part of its " investment universe ". However, traders are also optimistic that the Square Cash mobile financial services application is testing the integration of Bitcoin and has already deployed the feature on some users.
Ethereum Price Tests $ 340
The price of the Ethereum continued its slow but steady rise on Wednesday, rising 3% to a current value of $ 338. Ethereum now has a market capitalization of $ 32.3 billion, bringing the second largest cryptocurrency to its highest point since mid-October.
Price Ethereum Chart Source: CoinMarketCap
Bitcoin Cash Price Retreats
Bitcoin and Bitcoin Cash have taken inverse trajectories in recent days, and this phenomenon has been repeated – in direction if not in degree – on Wednesday. While bitcoin and almost all other major cryptocurrencies posted gains against the dollar, the bitcoin spot price fell 4% to a current value of $ 1,289. Bitcoin has a market capitalization of $ 21.7 billion, about two-thirds the size of the ethereum.
Bitcoin monetary consumption graph | Source: CoinMarketCap
The market swells at seams
Wednesday marked one of the most comprehensive advances in the cryptography market in recent weeks, with 88 of the top 100 cryptocurrencies ending the day in positive territory.
Source: CoinMarketCap
The price of the ripple rose 2%, while the price of litecoin rose 6% to $ 65. The dashboard is up 5% after Tuesday's pullback and is now trading at $ 437. The 6% increase in NEO allowed it to cross the $ 30 barrier again, and the monero price increased 1% to $ 124.
The competition for the last two places in the top 10 of the market capitalization was fascinating to watch this month, with no cryptocurrency having managed to cement its place in this level of rankings. Today, IOTA took ninth place with a 19% increase, while NEM maintains tenth position with a gain of 3%. This makes the classic Ethereum, now ranked 11th, the odd chip on.
Image from Shutterstock.